Mutual Funds

Fund Details

The United States 12 Month Natural Gas Fund® LP (UNL) is an exchange-traded security that is designed to track the price movements of natural gas. UNL issues shares that may be purchased and sold on the NYSE Arca.

The investment objective of UNL is for the daily changes in percentage terms of its shares NAV to reflect the daily changes in percentage terms of the price of natural gas delivered at the Henry Hub Louisiana, as measured by the daily changes in the average of the prices of UNL's Benchmark Futures Contracts, less UNL's expenses.

UNL's Benchmark is the near month futures contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months. If the near month futures contract is within two weeks of expiration, the Benchmark will be the next month contract to expire and the contracts for following 11 consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted. The natural gas contract is natural gas delivered at the Henry Hub, Louisiana, and is traded on the NYMEX.

UNL invests primarily in listed natural gas futures contracts and other natural gas related futures contracts, and may invest in forwards and swap contracts. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less.

UNL's Fund Benefits

UNL offers commodity exposure without using a commodity futures account.

1 USCF has voluntarily agreed to pay certain expenses typically paid by UNL that exceeds 0.15% of NAV on an annualized basis. USCF may discontinue this arrangement at any time, which could negatively impact an investment in UNL. If this agreement were terminated, the Annual Fund operating Expenses could increase, which would negatively impact your total return from an investment in UNL.

Historical NAV

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Performance

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The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The General Partner has agreed to waive fees and reimburse expenses of the Fund limiting Total Annual Operating Expenses to 0.90% of the Fund's average net assets.

The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

† UNL commenced operations on 11/18/2009

Growth of $10,000 Investment

This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Average Daily Returns

As of 12/31/2018.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Premium / Discount

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

* A basis point is equal to 1/100th of 1%.

Creation & Redemption Process

Creation/redemption basket size: 50,000 shares

Transaction charge for each Authorized Purchasers order is $350 (per order, not per basket)

USCF is a registered service mark of United States Commodity Funds LLC. United States Commodity Funds LLC and USCF Advisers LLC are wholly owned limited liability companies of Wainwright Holdings, Inc.

ALPS Distributors, Inc., is the distributor for funds sponsored by the United States Commodity Funds LLC and funds that are series of the USCF ETF Trust and USCF Mutual Funds Trust and not affiliated with USCF Investments or Wainwright Holdings, Inc.

Shares of the funds that are exchange-traded products (ETPs) or exchange-traded funds (ETFs) are not individually redeemable and owners of any Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations of 50,000 or 100,000 Shares.

EXCHANGE TRADED PRODUCT DISCLOSURES

We advise you to consider a Fund's objectives, risks, charges and expenses carefully before investing. Download a copy of a Fund's Prospectus by clicking one of the following: which contains this and other information, or contact the Fund’s distributor at: ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 800-920-0259. Please read the Fund’s Prospectus carefully before investing.

USCI, USO, USL, USOU, USOD, BNO, UNG, UNL, UGA, and CPER are commodity pools regulated by the Commodity Futures Trading Commission. These Funds, which are ETPs, are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying benchmark over periods longer than one day. Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For more on correlation, leverage and other risk factors, please read the prospectus.

USOU and USOD are new and have a limited operating history.

EXCHANGE TRADED FUND DISCLOSURES

We advise you to consider a fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund's Prospectus by clicking one of the following: . Please read any Prospectus carefully before investing.

An investment in the USCF SummerHaven SHPEI Index Fund (BUY), USCF SummerHaven SHPEN Index Fund (BUYN) or the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) may not be suitable for all investors..

Investing involves risks, including loss of principal. The market value of shares of common stock can be volatile and change quickly. There is no guarantee that the fund's objective will be met. Fund concentration generally leads to greater price volatility. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Investment in small companies generally experience greater price volatility.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

BUY, BUYN and SDCI shares are not individually redeemable. Individual investors must buy and sell BUY, BUYN and SDCI shares in the secondary market through their brokerage firm. Brokerage commissions may apply and will reduce returns.

BUY, BUYN and SDCI are new and have a limited operating history.

MUTUAL FUND DISCLOSURES

Investing in the Fund involves risks, including the possible loss of principal. The Fund is a new fund with limited operating history and may not attract sufficient assets to achieve its investment objective. Commodities contain a heightened risk including market and price movements that are outside the Fund’s control.

We advise you to consider the Fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a Fund's Prospectus by clicking on the following: . Please read the Prospectus carefully before investing.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.